SPH vs SWX vs SR vs NWN

For growth investors, Northwest Natural Holding Company (NWN) is the stronger pick with 11.

8% revenue growth year-over-year, versus -62. 0% for Southwest Gas Holdings, Inc. (SWX). Suburban Propane Partners, L. P. (SPH) offers the better valuation at 12. 1x trailing P/E (10. 6x forward), making it the more compelling value choice. Analysts rate Southwest Gas Holdings, Inc. (SWX) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Suburban Propane Partners, L.

P. (SPH) is the cheapest at 12. 1x versus Spire Inc. at 19. 6x. On forward P/E, Suburban Propane Partners, L. P. is actually cheaper at 10. 6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Spire Inc. wins at 0. 67x versus Northwest Natural Holding Company's 4. 58x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Suburban Propane Partners, L.

P. (SPH) delivered a total return of +77. 2%, compared to +8. 5% for Northwest Natural Holding Company (NWN). Over 10 years, the gap is even starker: SR returned +71. 7% versus NWN's +22. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Northwest Natural Holding Company (NWN) is the lower-risk stock at -0.

12β versus Suburban Propane Partners, L. P. 's 0. 20β — meaning SPH is approximately -264% more volatile than NWN relative to the S&P 500. On balance sheet safety, Southwest Gas Holdings, Inc. (SWX) carries a lower debt/equity ratio of 89% versus 2% for Suburban Propane Partners, L. P. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Northwest Natural Holding Company (NWN) is pulling ahead at 11.

8% versus -62. 0% for Southwest Gas Holdings, Inc. (SWX). On earnings-per-share growth, the picture is similar: Southwest Gas Holdings, Inc. grew EPS 120. 3% year-over-year, compared to 4. 3% for Spire Inc.. Over a 3-year CAGR, NWN leads at 7. 5% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Southwest Gas Holdings, Inc.

(SWX) is the more profitable company, earning 22. 7% net margin versus 7. 4% for Suburban Propane Partners, L. P. — meaning it keeps 22. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NWN leads at 31. 4% versus 14. 4% for SPH. At the gross margin level — before operating expenses — SR leads at 78. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Spire Inc. (SR) is the more undervalued stock at a PEG of 0. 67x versus Northwest Natural Holding Company's 4. 58x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Suburban Propane Partners, L. P. (SPH) trades at 10. 6x forward P/E versus 21. 2x for Southwest Gas Holdings, Inc. — 10. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SR: 14. 3% to $97. 75.

All stocks in this comparison pay dividends.

Suburban Propane Partners, L. P. (SPH) offers the highest yield at 6. 6%, versus 2. 7% for Southwest Gas Holdings, Inc. (SWX).

For long-horizon retirement investors, Northwest Natural Holding Company (NWN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.

12), 3. 8% yield). Both have compounded well over 10 years (NWN: +22. 7%, SPH: +26. 6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: SPH is a small-cap deep-value stock; SWX is a small-cap deep-value stock; SR is a small-cap income-oriented stock; NWN is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.